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Cresco Labs Inc. reports developments in branded cannabis products, retail dispensaries, cultivation, production and state-regulated market access. The company operates Sunnyside dispensaries and distributes cannabis brands that include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi.
Recurring updates cover quarterly financial results, dispensary openings, medical and adult-use market activity, cannabis licensing matters and operational growth initiatives. Company communications also address branded product distribution, retail execution, balance sheet and cash-flow themes, community outreach, workforce development and legislative or regulatory engagement in the cannabis industry.
Cresco Labs has announced the grand opening of its flagship Sunnyside dispensary near Wrigley Field in Chicago. This new location features 21 points of sale and a 10,000 sq. ft. store, enhancing the shopping experience for both medical and adult-use cannabis consumers. The dispensary aims to serve the high traffic from events at Wrigley Field, maintaining a strong focus on medical patients with dedicated services. The previous location will be transformed into the Illinois Cannabis Education Center to support social equity in the cannabis industry.
Cresco Labs reported a strong financial performance for Q3 2021, achieving $215.5 million in revenue, marking a 2.6% increase quarter-over-quarter and 40.6% year-over-year. Gross profit was $116.7 million, representing 54.2% of revenue. The adjusted EBITDA reached $56.4 million, or 26.2% of revenue, a 24.0% increase from the previous quarter. The firm maintains its guidance for Q4 revenue between $235 million and $245 million
and anticipates gross margins exceeding 50%.
Cresco Labs (CSE:CL, OTCQX:CRLBF) has opened a new Sunnyside dispensary in Oakland Park, Florida, marking its 40th location nationwide. This new facility is strategically positioned in Broward County, the fifth in South Florida, and will serve patients with medical cards. CEO Charlie Bachtell emphasized the company's goal to expand access to its popular cannabis products, noted for their strong demand in states like Illinois and Pennsylvania. The dispensary aims to enhance customer choice and is conveniently located near key commuter routes.
Cresco Labs (OTCQX:CRLBF), a top U.S. wholesaler of branded cannabis products, has opened its first Sunnyside dispensary in the Panhandle region of Florida, located in Tallahassee. This marks the company's 10th store in Florida and the 39th nationwide. The new location, spanning nearly 1,500 sq. ft., offers premium products including hand-trimmed flower and concentrates, catering to patients with state-issued medical cards. Customers can order online or visit in-store. Regular hours are Monday-Sunday, 10 AM-8 PM; Sunday, 10 AM-5 PM.
Cresco Labs, a leading U.S. cannabis company, has opened a new Sunnyside dispensary in Wyomissing, Pennsylvania, marking its fifth store in the state and 38th nationwide. The dispensary, spanning nearly 6,000 sq. feet, is strategically located for easy access to commuters and will serve patients with medical cards issued by the Pennsylvania Department of Health. Customers can shop a range of premium products, including flower, vape products, and topicals. Regular hours are Monday-Thursday and Sunday from 9AM to 6PM, and Friday-Saturday from 9AM to 7PM.
Cresco Labs (CSE:CL, OTCQX:CRLBF) announced the acquisition of Laurel Harvest Labs for US$80 million. The deal will enhance Cresco's position in Pennsylvania's legal cannabis market, adding immediate cultivation capacity and six retail permits. The acquisition includes a 52,000 sq. ft. indoor grow facility and expands Cresco’s operational footprint. Laurel Harvest’s Chapter 20 license aids Cresco’s research initiatives. The transaction is set to close in Q4 2021, contingent upon regulatory approvals.
Cresco Labs announced its exit from agreements serving as the exclusive distributor of certain third-party branded cannabis products in California, focusing on owned-brand distribution to enhance profitability. This shift is part of a long-term strategy to capitalize on California's competitive market, where Cresco's owned FloraCal brand ranks among the top-15 flower brands. The company has adjusted its Q4 2021 revenue guidance to $235 million to $245 million, while maintaining an adjusted EBITDA guidance of at least 30% and gross margins exceeding 50%.
Cresco Labs Inc. (OTCQX:CRLBF) will report its third-quarter financial results for the period ended September 30, 2021, on November 11, 2021, before the market opens. The company will also host a conference call at 8:30 am EST to discuss the results and highlight key business developments. Cresco Labs, a leading multistate cannabis operator in the U.S., focuses on a consumer-packaged goods approach and is the largest wholesaler of branded cannabis products. The company's mission is to normalize the cannabis industry while emphasizing social equity initiatives.
Cresco Labs (CNSX:CL, OTCQX:CRLBF) has announced a definitive agreement to acquire 100% equity interest in Bay, LLC d/b/a Cure Pennsylvania for US$90 million. This acquisition aims to expand Cresco's retail operations in Pennsylvania and strengthen its position as a leading wholesaler of cannabis products in the state. The transaction includes three Cure Penn dispensaries in Lancaster, Phoenixville, and Philadelphia, and is expected to close in Q4 2021.
Cresco Labs (OTCQX:CRLBF) has successfully closed its acquisition of Cultivate, enhancing its operational footprint in Massachusetts. This acquisition adds approximately 42,000 square feet of flowering canopy, increasing the company's total to around 64,000 square feet, and includes three dispensaries located in Leicester, Worcester, and Framingham. The acquisition aims to leverage Massachusetts's adult-use cannabis market, which is noted for its limited cultivation licenses and strong pricing. CEO Charlie Bachtell expressed confidence in a smooth integration process and the potential for growth.